Rating

Posted Date: September 30, 2021 MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position relative to […]

Posted Date: September 27, 2021 MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s RM400.0 million Sukuk Wakalah with a stable outlook. Outstanding sukuk currently stands at RM190.0 million. The Sukuk Wakalah was raised to part fund the Kemaman water project for the Terengganu state government. The project was aimed at refurbishing and

Posted Date: September 27, 2021 MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. TNB Western’s rating is equalised to parent Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable, based primarily on the strength of TNB’s unconditional and irrevocable rolling guarantee

Posted Date: September 23, 2021 MARC has assigned its AA+IS rating to UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and AA-IS rating to UMW’s RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk). The two-notch rating differential between the Sukuk Musharakah and Perpetual Sukuk is in line with MARC’s methodology on

Posted Date: September 23, 2021 MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided an unconditional and irrevocable financial guarantee insurance on the

Posted Date: September 21, 2021 MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmed rating is mainly driven by the credit strength of the payment stream from the Malaysian government in the form of availability charges (AC),

Posted Date: September 21, 2021 MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances at AAAIS with a stable outlook. PJH’s timely receipt of sizeable rental income from the Malaysian government under long-term lease-and-sublease agreements and the strength of its government-linked shareholding structure remain key rating drivers. PJH is the master

Posted Date: September 20,2021 MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM790.0 million Sukuk Ijarah. The rating outlook is maintained at negative. KEV, which owns and operates the 2,200MW Kapar Power Station in Klang, has seen an improvement in the operating performance of two of its three generating

Posted Date: September 14, 2021 MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding sukuk of RM1.35 billion with a stable outlook. TNB Northern is the funding vehicle for its parent TNB Prai Sdn Bhd to develop and operate the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai

Posted Date: September 10, 2021 MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI). The Bermuda-based insurer’s strong premium growth, well-diversified underwriting portfolio and strong capitalisation remain key rating drivers. A key moderating factor is IGI’s moderate asset size which stood at US$1.3